Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Digital Realty Trust Inc
Physical assets are 55.8% of total assets, a heavy footprint. Capex is 1.68x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.30x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.22x.
Physical asset ratio
55.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.22x
Revenue per dollar of the physical asset base.
Capex / D&A
1.68x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$36.98
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.76x
Price $175.98.
Fixed-charge coverage
0.30x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.2%
Latest free cash flow divided by current market cap ($66.46B).
ROIC
1.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 61.9% | 0.21x | 1.16x | $15.78 | 0.24x | $11.66M | 2.6% | 0.04x |
| 2019 | 63.8% | 0.22x | 1.32x | $23.95 | 1.01x | -$19.46M | 2.8% | 0.04x |
| 2020 | 60.3% | 0.18x | 1.51x | $26.80 | 0.04x | -$357.53M | 1.6% | 0.03x |
| 2021 | 60.6% | 0.20x | 1.70x | $27.72 | 1.56x | -$818.54M | 2.0% | 0.03x |
| 2022 | 64.7% | 0.19x | 1.68x | $24.57 | -0.14x | -$983.71M | 1.4% | 0.02x |
| 2023 | 58.1% | 0.21x | 2.08x | $29.95 | -0.16x | -$1.89B | 1.3% | 0.02x |
| 2024 | 55.9% | 0.22x | 1.60x | $36.40 | 0.02x | -$570.26M | 1.2% | 0.02x |
| 2025 | 55.8% | 0.22x | 1.68x | $36.98 | 0.30x | -$769.04M | 1.5% | 0.02x |
- Inventory was missing and treated as zero in the physical asset ratio.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $27.57B
Inventory: $0.00
Total assets: $49.41B
Goodwill: $9.71B
Intangibles: $2.13B
Liabilities: $24.56B
Tangible book: $13.00B
Shares: 351,570,000
Revenue: $6.11B
Capex: $3.18B
D&A: $1.89B
EBITDA: $3.59B
Interest: $437.95M
Short-term debt: $899.09M
Free cash flow: -$769.04M
Operating income: $658.49M
Invested capital: $43.66B
Tax rate: 2.4%